Unfortunately I hear they build houses super fast and a lot of them are not quality.

In the investment property we bought a massive modern original piece of art from a local artist for around $200 and it complements the antiques.I like to read interior design magazines then replicate the look for as cheaply as I can while maintaining some quality. 

That might be standard practice, but I'm not sure.

Typically, the layout, flow, room size, and quality of the construction of the 20's house will be far superior.

Is the reason it would not work for a FHA loan because the 4 units do not have any shared walls like a standard 4-unit or less multiplex?

Most our RE investor deals are cash deals with few of no contingencies, using standard contracts & terms.

That sounds pretty much standard when he didn't roll the rehab cost into the loan because he will have to go for as is value or less.

You can also call the school's financial aid office, but they can be hit or miss on quality of response.

Painted every place with the same color paint, used the same brand faucets, etc. and tried to standardize as much as I could.

I'm researching the options/futures that are easiest to understand, most cost efficient to acquire and manage like standard stock investing, and will write something up.